Book keeping & Accountancy - level of detail?

[Oldtimer]

Hello,

I am newly self employed and just sorting out the accounts side of things. I know I need to keep records of money coming in and out.

My question is this:

How do you record money in? Do you do it as a daily total or do you list amount per client?

Eg, on Monday I have Mrs Smith spending £25 and Mrs Jones spending £15 and Mrs Clark spending £12 do you list them all individually or just put the date and the total of £52.

Many thanks.

 

[bombini]

When I was in the salon I would total the days takings in the diary, write it at the bottom the page and then total it up at the end of each month.

The best small business accounts book is an absolute godsend. I wouldn't of been without it when I first started out.

The Best Small Business Accounts Book (yellow Version) Peter Hingston | WHSmith.co.uk

It basically has a double page for each week of the year for you to write your takings, purchases, bank account details etc. Its brilliant.

 

[laurakate]

would you still need to have an accountant to process the information you record for the purpose of paying tax or would keeping this level of detail in your records enable you to do your own self assessment and any other paper work relating to this?

 

[Emilie1]

Hiya,
I'm in business a year and a half and learning a lot of things the hard way!
One thing I do, is to keep a detailed account of every days takings e.g. Total Spray tan, Total facials, Total Eve Taylor Products sold etc. This has been brilliant once I hit the 12 months mark, as I can clearly see how last year's and this year's takings compare. I can see what treatments are on the up and what isn't working well. I'm hoping these figures will give me a good indication of how much product to order at certain times of year, what needs extra advertising etc. I hope that this makes sense. Our tax system is obviously different here in Ireland, but my accountant expects very detailed info.,down to every cheque, every lodgement, daily takings, VAT amounts etc.
Best of luck